Currency analysts at UBS note that the members of the Monetary Policy Committee who form the core of the Bank of England have significantly changed their views: those who stood at the middle ground even start thinking about further monetary stimulus in the form of asset purchases.

As the rate expectations tend to determine exchange rates and the BoE rates are likely to stay at the record minimum for a long period of time, the specialists expect sterling to stay under pressure versus the greenback.

According to the bank, the pair GBP/USD will go down to $1.56 in 3 months and to $1.50 by the end of 2011.


Chart. Daily GBP/USD